Accelerator

MTPConnect kicks off $28.5 million health tech accelerator targeting heart disease and diabetes 

- September 2, 2024 2 MIN READ
R&D, science, man looking in microscope
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Life sciences accelerator MTPConnect has teamed up with health tech industry giants CSL and Roche Diagnostics to launch a new program backing startups tackling cardiovascular disease (CVD) and diabetes.

The $28.5 million Targeted Translation Research Accelerator (TTRA) is backed by the federal government’s $22 billion Medical Research Future Fund and will look to back promising drugs and devices focused on CVD and the complications of type 1 and type 2 diabetes.

MTPConnect CEO Stuart Dignam said the new investment will open for expressions of interest from startups later this month

“Our new TTRA initiative, covering both therapeutics and devices, is designed with translation and commercialisation in mind, making all the difference for SMEs with moonshot ambitions,” he said.

“Supporting translation of research into the clinic will also develop domestic research and development talent skilled in commercialisation, improve healthcare options and create more jobs in our life sciences sector.

“Our experience running similar accelerator programs has revealed that the value of non-dilutive funding – along with access to industry knowledge, mentoring, market expertise and commercialisation skills – is a powerful multiplier for SMEs that truly boosts their chances of success.

Dignam said that while Australia ranks in the top 10 of the Global Innovation Index, for research, it slips  to 30th for outputs from that work.

“By backing Australian SMEs with access to leading industry expertise, as well as funding, we’re maximising chances for commercialisation success and working to lift Australia up the global innovation league table,” he said.

“And at the same time, by tackling chronic health problems like cardiovascular disease and diabetes complications, we are building Australia’s medical industry capability to make more medical products, here in Australia.”

It’s not the first time MTPConnect accelerators backed ideas in this space, having supported Victorian medtech startup Nirtek in 2021 with a device that can identify unstable coronary plaque in arteries and help cardiologists prevent future heart attacks.

Professor Bronwyn Kingwell from CSL said backing the research commercialisation accelerator dovetails with their long-term commitment to supporting Australia’s biotech ecosystem.

“With the accelerator’s support, we hope to see increased therapeutic development in cardiovascular disease and diabetes to benefit patients in Australia and around the world,” she said.